By Majid Al-Shabib
Riyadh-Mubasher: Saudi Arabia’s stock market maintained its upward trend for the third straight session, adding 87 points to 6,482, its highest since 6 January.
Turnover declined to SAR 6.25 billion, compared with SAR 6.44 billion on Thursday. A total of 368.5 million shares were exchanged in 139,000 transactions.
Technical analyst Mohammed Al-Asiri said today’s rise coincided with a decline in liquidity, which signals the weakness of the current wave. “Trading below the 6,400 level confirms the profit-taking,” he added.
The real estate development sector topped advancers, with a rise of 4.2%, boosted by Jabal Omar which added 6.6%. The telecom sector ranked second with a gain of 2.5%.
Al-Asiri also said the telecom sector reacted to positive news about Zain and Mobily, adding that the 1,700 is a key level for the sector.
Rounding up stocks, 146 moved higher, topped by eXtra which gained 9.5%, followed by Zain which advanced 9.4%.
On the flipside, 20 stocks moved lower, led by Southern Cement which fell 4.4%, followed by Wafa Insurance which was down 4.1%.
Translated by Abdul Maguid Aboshahla
